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Trading in Evraz Steel halted in U.K. after Britain imposes sanctions on Russian oligarch – CBC.ca

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A billionaire with close ties to the Kremlin has been sanctioned by the British government, resulting in trading in Evraz being suspended on the London Stock Exchange.

On Thursday, the United Kingdom placed billionaire Roman Abramovich on a sanctions list, due to his links with Russian President Vladimir Putin.

The sanctions mean that Abramovich’s assets in the U.K. are frozen, and he cannot enter or stay in Britain.

Among other holdings, Abramovich owns 28.6 per cent of shares in Evraz, a massive steel company with Canadian plants located in Regina, Calgary, Camrose, Alta., and Red Deer, Alta.

Soon after the sanctions were announced, Britain’s financial watchdog suspended trading on Evraz. Before trading was suspended, shares in the company dropped 16 per cent after the sanctions were announced.

A screenshot of Evraz stock prices on the London Stock Exchange. (London Stock Exchange)

According to Britain’s official sanctions list, the government was concerned about Evraz’s potential role in Russia’s invasion of Ukraine.

The list says Evraz “is or has been involved in providing financial services, or making available funds, economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.”

That “includes potentially supplying steel to the Russian military which may have been used in the production of tanks,” according to the British sanctions update.

Impact on Regina steel workers

Premier Scott Moe says that steel produced by Evraz in Saskatchewan is not used in global operations. 

“The operations in Regina do provide North American steel for just that — steel fabrication — as well as pipelines for our energy industry,” Moe told reporters at the Legislative Building in Regina on Thursday. 

He noted the United Steelworkers, which represents Evraz Steel workers, issued “correspondence last week indicating or clarifying that separation of operations that they have.”

The March 4 statement from the union said Evraz North America “operates independently in Regina and Calgary, in all areas, including procurement of raw materials, operating production facilities and corporate financing.”

CBC has reached out to United Steelworkers for further comment.

Moe says he has full confidence that steel mills across Canada will continue to operate under the status quo. He said he doesn’t foresee any  job losses in Regina due to the U.K. sanctions.

“In fact, as we have this energy security conversation in Canada and North America, the future should look fairly bright for a company like Evraz, that can provide that steel infrastructure,” he said.

On Monday, Canada added another 10 Russians to its sanctions list. Abramovich has not been added to that list so far.

Robert Huish, an associate professor of international development studies at Dalhousie University, says if Canada does invoke sanctions on Abramovich, livelihoods need to be considered. 

“Right now, the U.K. sanctions are really targeting the big symbols of the oligarchs, which are sports teams and luxury yachts. So it’s not going to make an impact immediately for people who are going to work in Regina,” said Huish.

“But it invites that conversation to say that if new measures are put in place, what can be done to ensure that nobody is going to lose their livelihood?”

If Canada does invoke more sanctions, Huish said it’s unclear right now exactly how Canadians will be affected.

“What’s complicated about sanctions and what we’re going to see happen in Saskatchewan is that it will impact people in indirect ways that we haven’t forecasted,” he said.

“Sanctions are like a glass hammer. You try to impose them, they look really threatening. And then when they strike, they shatter in a bunch of directions that you don’t see coming.”

Meanwhile, the province’s Official Opposition said Evraz Steel needs to have a change in ownership.

“It can no longer be in the hands of Abramovich, and all of these Russian oligarchs that are needing to have their sources of funds [cut off] so that Putin’s ability to bankroll his illegal invasion is ended,” said NDP Leader Ryan Meili. 

Meili acknowledged the international implications of sanctions are complicated, but said any transfer of ownership should not benefit the oligarchs. He also said that steelworkers should be part of the conversation.

Last week, Deputy Prime Minister Chrystia Freeland told reporters that Canadian companies could suffer collateral damage as Canada considered more sanctions against Russian oligarchs with ties to Putin.

Abramovich also owns famed West London football club FC Chelsea. The sanctions mean he cannot sell the football team and Chelsea cannot sell new tickets to matches.

Abramovich’s spokeswoman declined immediate comment to the news agency Reuters.

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Flames re-sign defenceman Ilya Solovyov, centre Cole Schwindt

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CALGARY – The Calgary Flames have re-signed defenceman Ilya Solovyov and centre Cole Schwindt, the NHL club announced Wednesday.

Solovyov signed a two-year deal which is a two-way contract in year one and a one-way deal in year two and carries an average annual value of US$775,000 at the NHL level.

Schwindt signed a one-year, two-way contract with an average annual value of $800,000 at the NHL level.

The 24-year-old Solovyov, from Mogilev, Belarus, made his NHL debut last season and had three assists in 10 games for the Flames. He also had five goals and 10 assists in 51 games with the American Hockey League’s Calgary Wranglers and added one goal in six Calder Cup playoff games.

Schwindt, from Kitchener, Ont., made his Flames debut last season and appeared in four games with the club.

The 23-year-old also had 14 goals and 22 assists in 66 regular-season games with the Wranglers and added a team-leading four goals, including one game-winning goal, in the playoffs.

Schwindt was selected by Florida in the third round, 81st overall, at the 2019 NHL draft. He came to Calgary in July 2022 along with forward Jonathan Huberdeau and defenceman MacKenzie Weegar in the trade that sent star forward Matthew Tkachuk to the Panthers.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

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Oman holds on to edge Nepal with one ball to spare in cricket thriller

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KING CITY, Ont. – Oman scored 10 runs in the final over to edge Nepal by one wicket with just one ball remaining in ICC Cricket World Cup League 2 play Wednesday.

Kaleemullah, the No. 11 batsman who goes by one name, hit a four with the penultimate ball as Oman finished at 223 for nine. Nepal had scored 220 for nine in its 50 overs.

Kaleemullah and No. 9 batsman Shakeel Ahmed each scored five in the final over off Sompal Kami. They finished with six and 17 runs, respectively.

Opener Latinder Singh led Oman with 41 runs.

Nepal’s Gulsan Jha was named man of the match after scoring 53 runs and recording a career-best five-wicket haul. The 18-year-old slammed five sixes and three-fours in his 35-ball knock, scoring 23 runs in the 46th over alone when he hit six, six, four, two, four and one off Aqib Ilyas.

Captain Rohit Paudel led Nepal with 60 runs.

The 19th-ranked Canadians, who opened the triangular series Monday with a 103-run win over No. 17 Nepal, face No. 16 Oman on Friday, Nepal on Sunday and Oman again on Sept. 26. All the games are at the Maple Leaf Cricket Ground.

The eight World League 2 teams each play 36 one-day internationals spread across nine triangular series through December 2026. The top four sides will go through to a World Cup qualifier that will decide the last four berths in the expanded 14-team Cricket World Cup in South Africa, Zimbabwe and Namibia.

Canada (5-4) stands second in the World League 2 table. The 14th-ranked Dutch top the table at 6-2.

Oman (2-2 with one no-result) stands sixth, ahead of Nepal (1-5).

Canada won all four matches in its opening tri-series in February-March, sweeping No. 11 Scotland and the 20th-ranked host Emirates. But the Canadians lost four in a row to the 18th-ranked U.S. and host Netherlands in August.

Canada which debuted in the T20 World Cup this summer in the U.S. and West Indies, is looking to get back to the showcase 50-over Cricket World Cup for the first time since 2011 after failing to qualify for the last three editions. The Canadian men also played in the 1979, 2003 and 2007 tournaments, exiting after the group stage in all four tournament appearances.

The Canadian men regained their one-day international status for the first time in almost a decade by finishing in the top four of the ICC Cricket World Cup Qualifier Playoff in April 2023 in Bermuda.

This report by The Canadian Press was first published Sept. 18, 2024

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Vancouver Canucks will miss Demko, Joshua, others to start training camp

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PENTICTON, B.C. – Rick Tocchet has already warned his Vancouver Canucks players — the looming NHL season won’t be easy.

The team made strides last year, the head coach said Wednesday ahead of training camp. The bar has been raised for this year’s campaign.

“To get to the next plateau, there are higher expectations and it’s going to be hard. We know that,” Tocchet said in Penticton, B.C., where the team will open its camp on Thursday.

“So that’s the next level. It starts day one (on Thursday). My thing is don’t waste a rep out there.”

The Canucks finished atop the Pacific Division with a 50-23-9 record last season, then ousted the Nashville Predators from the playoffs in a gritty, six-game first-round series. Vancouver then fell to the Edmonton Oilers in a seven-game second-round set.

Last fall, Jim Rutherford, the Canucks president of hockey operations, said everything would have to go right for the team to make a playoff push. That doesn’t change this season, he said, despite last year’s success.

“The challenges will be greater, certainly. But I believe the team that we started with last year, we have just as good a team to start the season this year and probably better,” he said.

“As long as the team builds off what they did last year, stick to what the coaches tell them, stick to the system, stick together in good times and bad times, this team has a chance to do pretty well.”

Some key players will be missing as Vancouver’s training camp begins, however.

Canucks general manager Patrik Allvin announced Wednesday that star goalie Thatcher Demko will not be on the ice when the team begins it’s pre-season preparation.

Allvin did not disclose the reason for Demko’s absence, but said the 28-year-old American has been making progress.

“He’s been in working extremely hard and he seems to be in a great mindset,” the GM said.

Demko missed several weeks of the regular season and much of Vancouver’s playoff run last spring with a knee injury.

The six-foot-four, 192-pound goalie has a career 213-116-81 regular-season record with a .912 save percentage, a 2.79 goals-against average and eight shutouts across seven seasons with the Canucks.

Allvin also announced that veteran centre Teddy Blueger and defensive prospect Cole McWard will also miss the start of training camp after each had “minor lower-body surgery.”

Vancouver previously announced winger Dakota Joshua won’t be present for the start of camp as he recovers from surgery for testicular cancer.

Tocchet said he’ll have no problem filling the holes, and plans to switch his lines up a lot in Penticton.

“Nothing’s set in stone,” he said. “I think it’s important that you have different puzzles at different times.”

The coach added that he expects standout centre Elias Pettersson to begin on a line with Canucks newcomer Jake DeBrusk.

Vancouver inked DeBrusk, a former Boston Bruins forward, to a seven-year, US$38.5 million deal when the NHL’s free agent market opened on July 1.

The glare on Pettersson is expected to be bright once again as he enters the first year of a new eight-year, $92.8 million contract. The 25-year-old Swede struggled at times last season and put 89 points (34 goals, 55 assists) in 82 games.

Rutherford said he was impressed with how Pettersson looked when he returned to Vancouver ahead of camp.

“He seems to be a guy that’s more relaxed and more comfortable. And for obvious reasons,” said the president of hockey ops. “This is a guy that I believe has worked really hard this summer. He’s done everything he can to play as a top-line player. … The expectation for him is to be one of the top players on our team.”

A number of Canucks hit milestones last season, including Quinn Hughes, who led all NHL defencemen in scoring with 92 points and won the Norris Trophy as the league’s top blue liner.

Several players could once again have career-best years for Vancouver, Tocchet said, but they’ll need to be consistent and not allow frustration to creep in when things go wrong.

“You’ve just got to drive yourself every day when you have a great year,” the coach said. “You’ve got to keep creating that environment where they can achieve those goals, whatever they are. And the main goal is winning. That’s really what it comes down to.”

This report by The Canadian Press was first published Sept. 18, 2024.

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